Growth of the Cruise Line Industry

The market talks to each other, influences each other.  So progress gets amplified.  The more people who have ocean cruised, the more who will tell others, the more who will want to take an ocean cruise too.

Worldwide, the cruise industry has an annual passenger compound annual growth rate of 6.55% from 1990 - 2019. Growth strategies to date have been driven by larger capacity new builds and ship diversification, more local ports, more destinations and new on-board/on-shore activities that match demands of consumers.  The industry is also expanding rapidly internationally.  These activities help increase penetration in a core North American market that still has growth potential.  Only 53% of the target North American market (or 24% of the whole U.S. population) have ever taken an ocean cruise.  All the cruise ships in the entire world filled at capacity all year long still only amount to less than ½ of the total number of visitors to Las Vegas

Shipbuilding Summary

A total of 7 new ships were added in 2015 with a total passenger capacity of 18,813.  From 2016 to 2017, 15 more new cruise ships will come online adding 39,637  to world wide passenger capacity, or 8.1%.  The ships from 2015 to 2016 will add $3.6 billion in annual revenue to the cruise industry.

2015 New Ships
P&O Cruises P&O Britannia Feb-15 3611
Compagnie du Ponant  Le Lyrial Apr-15 224
Viking Ocean Cruises Viking Star May-15 928
Tui Cruises Mein Schiff 4 May-15 2500
Royal Caribbean Anthem of the Seas Jun-15 4100
AIDA Cruises AIDAprima Oct-15 3250
NCL Norwegian Escape Oct-15 4200
Total     18813
2016 New Ships
Holland America Koningsdam Feb-16 2660
AIDA Cruises Unnamed Mar-16 3250
Viking Ocean Cruises Viking Sky Mar-16 928
Royal Caribbean Ovation of the Seas Aug-16 4180
Royal Caribbean Oasis III Aug-16 5400
Regent Seven Seas Explorer Aug-16 738
Viking Ocean Cruises Viking Sea Oct-16 928
Seabourn Cruise Line Unnamed Oct-16 225
Carnival Vista Oct-16 4000
Clive Palmer Titanic II Nov-16 1680
Total     22309
2017 New Ships   
Norwegian Norwegian Bliss Mar-17 4200
Viking Ocean Cruises Unnamed  Mar-17 928
Princess Unnamed Jul-16 3560
MSC Unnamed Sep-17 4500
MSC Seaside Nov-17 4140

Sources: Royal Caribbean Cruises, Ltd., Carnival Corporation and plc, NCL Corporation Ltd., Cruise Lines International Association (CLIA), The Florida-Caribbean Cruise Association (FCCA) and DVB Bank.